Bookkeeping and Accounting for Fashion Stylists

As a fashion stylist, there are numerous relevant expenses that you can deduct from your income for tax purposes. Here are some examples:

• Supplies: Any materials you use directly in your styling work, such as clothing, accessories, or props for photo shoots.
• Travel: If you travel for work, you can often deduct your transportation, meals, and accommodation costs.
• Home Office: If you use a part of your home exclusively for your work, you may be able to deduct a portion of your housing costs.
• Continuing Education: If you take courses or attend seminars to improve your professional skills, these costs can often be deducted.
• Marketing and Advertising: You can typically deduct the costs of promoting your services, such as website maintenance or advertising.

Please make sure to consult with a professional tax advisor or bookkeeper to ensure that you are deducting expenses correctly and optimizing your tax savings.

Managing bookkeeping for multiple income streams can feel overwhelming, but with the right approach and tools, it's entirely manageable. Here are a few steps to help you navigate it:

1. Track Your Income: Use a robust accounting software to track each income stream separately. This makes it easier to identify what's working and what's not in your business.
2. Segment Your Earnings: Assign categories to different income streams to gain clarity on where exactly your income is coming from. It also simplifies tax preparations.
3. Hire a Professional: It can be advantageous to enlist the help of a professional bookkeeper or accountant. They can handle these tasks efficiently and free you to focus on your business’s core activities.

At Bench Accounting, we offer comprehensive bookkeeping services that can help you juggle multiple income streams with ease. We provide you with a team of bookkeepers paired with software to monitor your financials in real-time.

International accounting can be more complex due to factors such as dealing with multiple currencies and different tax laws. Here are important accounting needs to consider:

• Multi-Currency Transactions: Depending on the number of currencies you're dealing with, tracking and converting each transaction can be quite complex. It is crucial to use tools that can accurately manage this process.
• International Tax Laws: Each country has different tax codes and compliance requirements. It's crucial to understand these laws to avoid any legal complications.
• Payment Terms: International transactions may have longer payment terms. It's important to adequately track and account for these differences in your financial planning.
• Exchange Rate Fluctuations: Changes in exchange rates can significantly impact the value of your transactions, affecting your profit margins. Businesses need to monitor and manage this risk effectively.

Working with international clients and purchases can be challenging, but proactive planning and the right bookkeeping service can make things a lot simpler.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.